National Blog

Audit the Fed Reintroduced in 114th Congress

SPRINGFIELD, Virginia- Yesterday, Congressman Thomas Massie, (R-Ky) introduced H.R. 24, Ron Paul’s Audit the Fed bill, which calls for a “full audit of the Board of Governors of the Federal Reserve System and the Federal Reserve banks by the Comptroller General of the United States.”

The legislation is identical to Dr. Paul Broun’s H.R. 24, which gained 224 cosponsors in the 113th Congress and passed the House of Representatives last September by an overwhelming three-fourths majority of 333-92 after a nationwide grassroots mobilization effort led by Campaign for Liberty.

In a statement, Representative Massie said, “For years, Campaign for Liberty's network of grassroots activists across the country has provided the muscle behind the efforts to Audit the Fed. I'm proud to work with them and Senator Paul on this legislation to pick up where Dr. Paul and Dr. Broun left off and bring complete transparency to the Federal Reserve System in the 114th Congress."

“I am pleased to see my good friend, Congressman Thomas Massie, continue the push for Federal Reserve transparency,” said Dr. Ron Paul. “The Federal Reserve will not be able to continue its secrecy as long as the American people continue to demand transparency. I urge Speaker Boehner to swiftly hold a vote on this important piece of legislation.”

“I look forward to working with Representative Massie and other members as Campaign for Liberty continues its fight to hold the Federal Reserve accountable for what it has done to our economy,” said C4L President John Tate. “Congress must lift the veil of secrecy the Fed has been conveniently operating under since its inception. We will launch a coordinated effort in 2015 to not only once again pass Ron Paul’s Audit the Fed bill in the House, but put pressure on incoming Senate Majority Leader Mitch McConnell to finally give Audit the Fed the standalone Senate vote it deserves.”

H.R. 24 currently has 63 cosponsors, including two Democrats. Senator Rand Paul is expected to again introduce companion legislation in the coming weeks.

Ron Paul’s “Audit the Fed” bill, H.R. 459, gained 274 cosponsors and passed the House of Representatives in the 112th Congress on July 25, 2012, by an overwhelming three-fourths majority of 327-98 after a nationwide grassroots mobilization effort led by Campaign for Liberty. The legislation calls for a “full audit of the Board of Governors of the Federal Reserve System and the Federal Reserve banks by the Comptroller General of the United States.”

Congressman Paul Broun (R-GA) reintroduced Dr. Paul’s Audit the Fed bill in January 2013 as H.R 24, “The Federal Reserve Transparency Act of 2013,” in the 113th Congress. The bill, which was cosponsored by 224 Representatives, passed the House of Representatives on September 17, 2014, by a vote of 333-92.